reported<\/a>, SHIB has recently been experiencing increased interest from this cohort of investors.<\/p>\nThis can be a clear bullish indicator. However, at the time of writing, the increased interest in SHIB from ETH whales has not yet paid off.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The deep correction in the crypto market, led by the collapse of the Bitcoin price, has pushed the Shiba Inu (SHIB) price back into bearish territory. From a technical point of view, new bull moves are far away at the moment; before that, an make-or-break price level has to be defended and a resistance level that has manifested itself since the beginning of March has to be broken.<\/p>\n
Shiba Inu Price At Pivotal Point<\/h2>\n
But first things first. A look at the 1-day chart of Shiba Inu shows that the price has fallen to the edge of the key support level. At press time, SHIB was trading at $0.00001021, slightly above key support at $0.00001005.<\/p>\n
As recently as early last week, a bullish picture was evolving for Shiba Inu. The price formed an ascending triangle on the 1-day chart, which is one of the continuation patterns and thus opened the chance for a more than 50% rise within the next weeks.<\/p>\n
However, due to the market-wide downturn, SHIB broke the ascending triangle to the downside. The pattern was invalidated, so that the Shiba Inu price is now stuck again in the range between $0.00001005 and $0.00001151.<\/p>\n
If the bulls fail to defend the range, a fall to $0.00000965 would be the most likely scenario before SHIB could possibly drop to the price level at $0.00000855. A breakdown below the trading range would be a clear break with the trend.<\/p>\n
Holding the support is of utmost importance to start a new run towards the range high at $0.00001155.<\/p>\n
A look at the 1-hour chart reveals that SHIB is showing slight signs of recovery. The price has initially formed a falling trend line which was broken at press time. This was followed by a re-test that is currently underway. SHIB now needs to show a significant move to the upside; at best a bounce and break above the $0.00001080 price level.<\/p>\n
IntoTheBlock data shows that SHIB has formed major resistances both above and below. The main bid wall below Shiba Inu sits at $0.000009. Around this price level, 43,000 addresses bought around 10.24 trillion SHIB. A daily close below this resistance level could have massive bearish implications.<\/p>\n
IntoTheBlock\u2019s data also shows that 200 billion SHIB was bought by whales last week. As NewsBTC reported<\/a>, SHIB has recently been experiencing increased interest from this cohort of investors.<\/p>\nThis can be a clear bullish indicator. However, at the time of writing, the increased interest in SHIB from ETH whales has not yet paid off.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-22471","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=22471"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22471\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=22471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=22471"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=22471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}